Advocates Argue for FCRA Solution on Financial Data Privacy Issues
The Consumer Financial Protection Bureau should finalize its proposed data broker rule to clarify consumer privacy rights under the Fair Credit Reporting Act (FCRA), consumer advocates said in comments due Friday. CFPB solicited comment on a request for information concerning data collection and monetization associated with personal finance services.
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FCRA “best addresses consumer harm from the collection, use, and monetization of consumer payment and other personal financial data,” said the National Consumer Law Center on behalf of the Electronic Privacy Information Center and low-income clients.
Finalizing the agency’s proposed data broker rule (see 2504030059) “would clarify that consumers have the protections of the FCRA when companies such as data brokers collect, use, and monetize their payment and personal financial data,” they said.
The Financial Technology Association argued that given the patchwork of federal and state laws governing consumer privacy, Congress is best placed to “harmonize legal frameworks, develop new policy, holistically protect consumers, and provide businesses with the certainty they need as to privacy and data security requirements.